Only 55 jobs created with $111 million in stimulus money?
An aerial photo of downtown Los Angeles. (PHOTO CREDIT: GETTY IMAGES)
FROM CNN's Jack Cafferty:
Here's yet another glaring example of government inefficiency:
Two Los Angeles departments that received $111 million in federal stimulus money have only created 55 jobs so far. 55.
Reports by the city controller show that the Departments of Public Works and Transportation moved too slowly in spending the stimulus money - partly due to all the red tape. These agencies say they plan to create or retain 264 jobs once they spend all of the money.
The Department of Public Works, which got $71 million in stimulus money, has plans for projects like resurfacing streets and bridges and rebuilding sidewalks and storm drains.
That all sounds good - but these reports show it took eight months to put together bids, review them and then award the contracts.
As for the Department of Transportation, it's received almost $41 million to buy new buses, upgrade railroad crossings and put in new traffic signals. But the controller's report shows it took nearly a year to get approval to buy some of these buses.
Almost a year. Meanwhile, unemployment in Los Angeles is above 12 percent.
According to The Los Angeles Times, city officials wouldn't comment on the audit - but pointed to newer figures they have showing stimulus dollars at work.
Just imagine what the private sector could do with $111 million. For a $50,000 salary, you could directly hire more than 2,000 people. Not 55.
Here’s my question to you: Should two Los Angeles departments have been able to create more than 55 jobs with $111 million in stimulus money?
Interested to know which ones made it on air?
Why hasn't stimulus package produced more jobs?
(PHOTO CREDIT: Justin Sullivan/GETTY IMAGES)
FROM CNN's Jack Cafferty:
Six months since the Obama administration pushed through the massive $787 billion economic stimulus package. So where are the jobs?
House Republican Whip Eric Cantor says he doesn't think the program is working as well as it was advertised, and says no one should be highlighting the benefits of the plan.
Cantor points out that when this thing was passed - the administration predicted it would keep unemployment lower than 8.5-percent. The jobless rate in July was 9.4-percent.
The White House has pushed back against critics of the stimulus bill - saying it's working as planned - by easing but not erasing the impact of the recession.
They say it will take a "very, very long time" to fill what they call a "very, very deep hole." That's fine… but where are the jobs?
Most economists agree the recession would have been worse without the stimulus... although they don't agree on how much it has helped.
Meanwhile - a new USA Today/Gallup Poll shows most Americans think the stimulus package has cost too much money and isn't doing enough to end the recession.
57-percent of those polled say it is having no impact on the economy or making it worse. 60-percent doubt the plan will help the economy in the future... and only 18-percent say it has done anything to help their personal situation. Not exactly rave reviews.
Here’s my question to you: Why hasn't the stimulus package produced more of a recovery in the jobs market?
Interested to know which ones made it on air?
Should gov't consider second stimulus package?
FROM CNN's Jack Cafferty:
An outside adviser to President Obama says the U.S. should consider a second stimulus package because the $787 billion package approved in February was "a bit too small." Others have criticized the plan for not distributing the money fast enough to create the jobs necessary to halt the downward spiral we seem to be in.
Job seekers wait in line to speak with prospective employers at a job fair .The number of U.S. workers filing new claims for unemployment benefits is at a 26-year high.
On Capitol Hill, House Majority Leader Steny Hoyer said he'd consider a second stimulus but emphasized that it's too soon to say the first stimulus package has failed.
A look at a few facts would suggest it has been less than a screaming success. The economy is still struggling, mired in recession that shows few signs of abating. Last week's jobs report found unemployment is still climbing and experts expect it will surpass 10-percent this year, even though the stimulus bill was supposed to hold it below eight percent.
Yesterday the stock market hit a 10-week low, so confidence is clearly still lacking among investors. And all that optimism over perceived "green shoots" of recovery that were touted just a few weeks ago has all but disappeared along with a lot of the "shoots."
Advisers in and out of Washington agree on one thing: the stimulus bill was based in an economy that was not as bad the one we're in now.
Here’s my question to you: Should the government consider a second stimulus package?
Interested to know which ones made it on air?
Message sent when S.C. governor rejects stimulus $?
FROM CNN's Jack Cafferty:
South Carolina's Republican Governor has become the nation's first to reject some of the economic stimulus money. Mark Sanford says he'll turn down about $700 million of his state's $2.8 billion share unless Washington lets him use it pay down the debt.
Gov. Mark Sanford, a potential 2012 GOP candidate, is one of several Republican governors who have criticized the $787 billion stimulus plan.
He insists taking the money would harm his state's residents in the long run by increasing the federal budget deficit and building expectations for government programs that can't be sustained.
Funny but it seems like the folks in South Carolina are hurting pretty bad right now. The state has the second highest unemployment rate in the country - having shed many jobs in manufacturing, tourism, construction and retail. Its unemployment rate is at 10.4 percent, second only to Michigan.
Sanford is one of several Republican governors who have criticized the $787 billion stimulus plan. However other governors from both parties have said they would take any money that these states rejected.
And in the end, Sanford's move is largely symbolic. That's because state legislatures can override governors and take the money. South Carolina congressman James Clyburn, a Democrat, is blasting Sanford for rejecting the money that could help residents of their state.
Clyburn says Sanford quote "will sleep well at night because he has improved his 'conservative record' and raised his national profile." Probably worth a mention that Sanford is seen as a potential GOP presidential candidate in 2012.
With all the warm, fuzzy sympathy he's displaying for the hard-pressed people of South Carolina, I wonder how he was ever elected governor.
Interested to know which ones made it on air?
U.S. need a 2nd economic stimulus package?
FROM CNN's Jack Cafferty:
Some failing grades for the Obama administration when it comes to its efforts to jumpstart the economy.
President Obama speaks after receiving the economic daily briefing with Treasury Sec.Timothy Geithner in the Oval Office yesterday.
A Wall Street Journal survey of economists shows a majority of those polled are dissatisfied with the White House's policies. On average, they give President Obama a grade of 59 out of 100. Treasury Secretary Tim Geithner gets an average grade of 51.
The economists also pushed back once again their forecasts for when a recovery will begin - now they're saying October. That's after saying August last month. They predict the economy will lose another 2.8 million jobs in the next year - with the unemployment rate topping nine percent. Also, these economists see a one-in-six chance that the U.S. falls into a depression.
When it comes to the $787 billion economic stimulus package - the experts are mixed, with 43 percent saying the U.S. will need another package of about $500 billion. Others were doubtful that we needed any stimulus plan at all.
But it's been all the talk in Washington this week since House Speaker Nancy Pelosi suggested more spending might be needed. House Democrats have since backed off saying we need time to see how the first stimulus package plays out. But even talk of another massive plan was all it took to get Republicans and many Democrats all wound up.
Republicans argue this is proof that the first package isn't working while some Democrats are saying there's no appetite for another package and it's way too soon to even think about it.
Here’s my question to you: Does the U.S. need a second economic stimulus package?
Interested to know which ones made it on air?
Stimulus bill too little too late?
It is not clear if the almost $790 billion in the stimulus bill will be enough to do the trick. (PHOTO CREDIT: MARK RALSTON/AFP/GETTY IMAGES)
From CNN's Jack Cafferty:
President Obama may have signed that massive stimulus bill into law today, but the scary part is it's not clear if the almost $790 billion in government spending will be enough to do the trick.
The stock market tanked this morning, dropping 230 points in the first 90 minutes of trading. The stock market is now close to its lowest level in ten years. Investors are nervous that the stimulus plan won't have the kind of impact it needs to begin to turn the economy around. Wall Street also gave a thumbs down to Treasury Secretary Geithner's banking plan last week.
Then there's Detroit. GM and Chrysler are set to tell the government today how they plan to stay afloat, they've already gotten more than $17 billion in government loans. If they can't prove how they'll survive in the future, they may not get any more.
Some states are treading water even before the stimulus plan has a chance to trickle down to them. If California lawmakers don't pass a budget soon up to 20,000 state workers could lose their jobs. The state faces a $42 billion deficit and lawmakers can't seem to agree on a budget, particularly on more than $14 billion in tax increases. California may also halt nearly 300 state funded public works projects. That would mean more layoffs.
In Kansas, the state government has run out of money to pay its bills. They've suspended income tax refunds and may not be able to pay employees on time. Officials say the state might also have to delay payments to public schools and to doctors who provide care to the needy under Medicaid.
Here’s my question to you: Is the stimulus bill too little too late?
Interested to know which ones made it on air?
Is the stimulus bill transparent?
From CNN's Jack Cafferty:
Part of President Obama's appeal during the election was his call for a new era of transparency, of shaking up the way things are done in Washington.
The 1,071 page bill was posted late last night on a congressional website.
But when you look at how his stimulus bill is moving through Congress, it sounds a whole lot like the way "old" Washington operated.
Late last night, the stimulus plan – all one-thousand seventy-one pages of it – was posted on a congressional web site. This gave lawmakers only a few hours to read it before voting. No one can read a thousand page document written by lawyers in just a few hours.
so the House passed the bill without having read it and the Senate is expected to do the same thing shortly. Almost $800 billion and nobody in Congress knows what's in there. That ought to help you to sleep well tonight.
The Democrats promised lawmakers and the public would have at least 48 hours to read the thing before the vote. They lied. Again.
Old fashioned politics. Wait until the last possible moment – President Obama wants this on his desk by Monday – and then cram it through.
As the AP puts it, the stimulus bill is clearly "the result of old-fashioned sausage-making", with pet projects coming to light that hadn't been included in the original bills.
Here’s my question to you: What does a 1,000 page stimulus bill the public had virtually no chance to look at say about the new era of "government transparency"?
Interested to know which ones made it on air?
How stimulating is $13 a week?
From CNN's Jack Cafferty:
You want to be stimulated? How does $13 a week sound to you?
Officials estimate the new stimulus plan will mean about $13 a week more in people's paychecks this year.
While the federal government is passing an $800 billion stimulus bill - which works out to about $2,700 for every man woman and child in the country - the average worker can look forward to seeing about an extra $13 a week in his/her paycheck after taxes. This is on top of the $700 billion financial bailout package that was passed last fall and given to the Wall Street and banking weasels.
When I was a kid and was given my meager allowance I was often told, "Try not to blow it all in one place."
$13 a week. Think you can stave off foreclosure with that? How about junior's tuition, room and board at college?
Maybe trade in the old car for one of those new, fancy hybrids. $13 a week ought to handle it.
Or you could plan a lavish trip to Las Vegas and make the whiny old mayor of that town happy.
I'm no economist. But if two-thirds of our economy depends on consumer spending, and we have lost three million jobs in the past year and have almost five million people drawing unemployment benefits, wouldn't it make sense to put a little more jingle in the pockets of the folks who are fortunate enough to still have a job?
President Obama should be embarrassed. And those clowns in Congress should be ashamed of themselves.
Here’s my question to you: How stimulating is $13 a week?
Interested to know which ones made it on air?
Is stimulus plan “theft”?
From CNN's Jack Cafferty:
It was on. Then it was off. Now it's on again. The stimulus plan at this moment is a done deal.
Meanwhile, as top Democrats and a select few Republicans worked on that compromise, other lawmakers are saying that the stimulus package amounts to little more than "theft."
Does the stimulus plan amount to theft?
Democratic Senator Byron Dorgan points out this is more money than has "ever been contemplated in the history of our country." He's proposing that the government come up with a system to show how every penny is spent, adding the real scandal is not knowing how the money is being managed. Said Dorgan, "Letting the banks be run like casinos on their own account, is that theft? You're damn right it is."
Then there's Republican Senator John "the fundamentals of the economy are strong" McCain who is calling the bailout "generational theft." He says we're robbing future generations by laying such astronomical debt on their shoulders.
These critics are right that the numbers are staggering. The president's package is more than $800 billion. That's on top of the $700 billion Bush bailout plan. Then tack on trillions of dollars the government has promised in loans and potential spending to loosen up credit markets.
But here's the catch: many of the brightest economic minds suggest that the risk of doing nothing is more costly than this mind-boggling price tag.
Here’s my question to you: Do you agree with lawmakers who say the stimulus plan is "theft"?
Interested to know which ones made it on air?
Important to move quickly on stimulus?
From CNN's Jack Cafferty:
The stimulus debate rages on, even though the Senate is expected to pass its $827 billion version tomorrow.
The president urged Congress to support the stimulus at a town hall meeting today.
President Obama hit the road today with town hall-style meetings to sell it. He will address the nation in a primetime press conference tonight. The President insists the stimulus package will help pull our economy out of its current tailspin.
But most Republicans continue to slam the plan for what they believe is excessive spending that won't fix our economic problems. Senator Richard Shelby of Albama says the package will put the U-S on "a road to financial disaster". The head of President Obama's National Economic Council - Lawrence Summers – says the Republicans have no credibility on this issue after the previous administration racked up trillions of dollars of debt over the past 8 years.
Bottom line is there's a real sense of urgency that this thing pass. The Senate is expected to vote tomorrow, but even now Congressional aides are at work reconciling the Senate version with the House's.
Meanwhile- the Republicans might want to tone down their whining. A new Gallup poll shows a majority of Americans– 58% - disapprove of the way the Republicans have handled themselves during the stimulus debate. That's compared to 42% who disapprove of Congressional Democrats and 25% who disapprove of President Obama.
Here’s my question to you: How important is it that Congress move quickly on the stimulus plan?
Interested to know which ones made it on air?
@jackcafferty on Twitter
Recent Comments